During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Transaction Units Cost Date Cost Beginning inventory 2,840 40 $71 Jan. 1 May 5 Purchase 255 74 18,870 16,195 205 Purchase Nov. 3 79 500 $37,905 Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 245 units of inventory from the May 5 purchase, and 190 units from the November 3 purchase. Units Sold Unit Cost Date Activity Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost Jan. 1 Beginning Inventory May 5 Purchase Nov. 3 Purchase Total